On 6 April, Centuria Funds Management (Centuria), the trustee of Centuria Capital No. 2 Fund revealed plans for an exchange offer for existing holders of its April 2021 fixed- and floating-rate notes. National Australia Bank has been appointed exchange offer manager.
On 6 April, South Australian Government Financing Authority (SAFA) (AA+/Aa1) launched a syndicated increase to its existing even-year benchmark lines for an aggregate total of up to A$1.5 billion (US$902.8 million). Pricing is expected on the day after launch, according to Citi, Commonwealth Bank of Australia, National Australia Bank and UBS.
The Reserve Bank of New Zealand (RBNZ) will begin purchasing New Zealand Local Government Funding Agency (LGFA) bonds. In a 6 April announcement, the RBNZ says the purchases “will be in small scale for liquidity management purposes and to support market functioning”.
Transurban’s euro transaction on 1 April marked the first time an Australian corporate has waded into public debt capital markets since the onset of the COVID-19 crisis. Deal sources say offshore liquidity has been strong but it took an issuer familiar to the market to take advantage.
The Reserve Bank of Australia (RBA) has embarked on an asset purchasing programme as part of its regular open market operations in support of monetary policy goals. KangaNews will provide subscribers with easy access to asset purchase data, which will be updated as information is made publicly available by the RBA.
The Reserve Bank of New Zealand (RBNZ) has embarked on an asset purchasing programme as part of its regular open market operations in support of monetary policy goals. KangaNews will provide subscribers with easy access to asset purchase data, which will be updated as information is made publicly available by the RBNZ.
On 6 April, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) launched a minimum NZ$2 billion (US$1.2 billion) syndicated increase to its May 2031 line. Indicative price guidance for the forthcoming transaction, which is expected to price on the day after launch, is 32-37 basis points area over the April 2029 New Zealand government bond. ANZ, BNZ, Commonwealth Bank of Australia and UBS are joint lead managers.
On 6 April, Australian Capital Territory (ACT) (AAA by S&P) revealed plans for a potential Australian dollar denominated, syndicated, dual-tranche transaction. Alongside an increase of the May 2029 line, the offer consists of a new three-year bullet, fixed-rate benchmark or a tap of the May 2024 maturity. ANZ, Deutsche Bank, UBS and Westpac Institutional Bank are leading.
New South Wales Treasury Corporation (TCorp) printed the first benchmark transaction in the Australian public market since the coronavirus pandemic escalated. Deal sources say investor engagement was critical for price discovery in a dislocated and volatile environment.
The week bridging March and April saw a return to public deal flow in Australia, with benchmark transactions from New South Wales Treasury Corporation and two Canadian banks. Across the ditch, New Zealand Debt Management and New Zealand Local Government Funding Agency mandated syndicated deals.